I've tried to read it.
I'm not convinced it's possible.
I'm probably a sado-masochist but I managed to get through it (and the sequel,
Fate of the Phoenix....God, what's wrong with me anyway

). And no, it doesn't get any better.
I know there was a lot of talk about
Killing Time being slash fiction. And I got my hands on a first edition copy of that. But KT has nothing on the
Phoenix novels, esp.
Price of the Phoenix (honestly, I was actually a bit disappointed with KT--if I hadn't known about its reputation I actually probably wouldn't have picked up on the slash elements--though at least KT was marginally a better story, I mean, it was coherent at least

).
I personally thought
Fate of the Phoenix was worse, because it was just all over the place and at times didn't even seem to make sense. Some of the more slashier elements were gone (maybe someone at Bantam told them to tone it down a bit), but it was a jumbled mess. It was a case where I didn't even care how it ended. The only reason I finished it is because of this obsessive need of mine to finish what I start. As a Catholic I figured reading those novels should count towards a penance or something.
What's kind of a shame is they actually introduced a few concepts that could have been interesting in a better story. Worlds considering leaving the Federation for instance. Omni, the villain is mostly a disgusting S&M character, yet there were moments, esp. when they delved into his past just a bit, that indicate something more complicated, perhaps at one time even an honorable character before he became the twisted villain. But they just leave those elements undeveloped. For just a moment here and there I thought maybe we were finally on track to a better story, but they end up just being hanging threads that are forgotten.